KRN Heat Exchanger and Refrigeration Limited has informed the Exchange about 1. Approved the Modification/Amendment in the loan agreement dated 15th April, 2023executed with KRN HVAC Products Private Limited ( KRN HVAC ) a wholly ownedsubsidiary Company of the Company. (Annexure I)2. Approved the execution of loan agreement dated 12th January, 2026 with ThermotechResearch Laboratory Private Limited ( TRL ) a wholly owned subsidiary Company of theCompany to grant an unsecured loan of Rs. 10,00,00,000/- (Rs. Ten Crores only) in oneor more tranches. (Annexure II)3. Approved the KRN Employee Stock Option Plan 2026 ( ESOP Plan ) in accordancewith the Securities and Exchange Board of India (Share Based Employee Benefits andSweat Equity) Regulations, 2021, Subject to the approval of the members of thecompany. (Annexure III)
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On January 12, 2026, the Board of KRN Heat Exchanger approved three items. First, it modified an existing Rs. 100 crore unsecured loan (outstanding Rs. 99.94 crore) given to its wholly-owned subsidiary KRN HVAC Products by adding a clause allowing the loan to be converted into equity shares of the borrower at the lender's discretion. Second, it approved a fresh unsecured loan of Rs. 10 crore to another wholly-owned subsidiary, Thermotech Research Laboratory, at 12% per annum for 12 months to fund working capital needs. Third, it approved the KRN Employee Stock Option Plan 2026, allowing the grant of up to 6,00,000 stock options (convertible into equal equity shares of Rs. 10 face value) to eligible employees, subject to shareholder approval. All subsidiary transactions qualify as related-party transactions, conducted at arm's length.
The loan modifications and fresh lending signal continued capital support for group subsidiaries, while the ESOP plan may lead to mild future dilution if exercised. None of these actions have an immediate direct impact on the parent company's shareholders, but conversion of the Rs. 99.94 crore KRN HVAC loan into equity could shift how that investment is reported going forward.